Agreement between Bank of China and Macau Monetary Authority makes it easier to buy renmimbis

15 December 2009

Macau, China, 15 Dec – The Bank of China and the Macau Monetary Authority signed a memorandum of cooperation to extend the limit on acquiring Chinese currency by residents in a single transaction in the territory from 6,000 to 20,000 renmimbis.

The deputy governor of the Bank of China, Zhu Min travelled to Macau to sign, along with the president of the Macau Monetary Authority, Anselmo Teng, the memorandum of cooperation on individual transactions in renmimbis, which extends the scope of the mutually agreed measures from 2004, due to growing demand for the Chinese currency in Macau’s banks.

With the approval of the Chinese Council of State, Macau’s banks are now authorised to increase the limit for renmimbis on individual transactions, per person and per time, for conversion into cash, From 6,000 to 20,000 renmimbis, and the residents of Macau can now pay for expenses in Guangdong province, via renmimbi cheques of up to 50,000 renmimbis per day.

The banks of the Special Administrative Region also have the “green light” to extend the group of entities allowed to convert renmimbis to patacas for providers of communication, education services and conventions.

Signing the memorandum “makes it easier to boost relations between Macau and the mainland, deepens cooperation and harmony in the economic and financial sectors and has contributed to regular and stable development over the long term of the region’s banking sector.” (macauhub)